The Stacks Update 04/19/22

The Stacks to Begin First Phase of Construction After Receiving $367 million construction loan

The 2.1-million-square-foot development at Buzzard Point has landed a $367 million construction loan. 

The joint venture between Bridge Investment Group with Akridge, National Real Estate Advisors and Blue Coast Capital have secured a loan from Bank OZK to begin its first phase of the project. The first phase includes three towers totaling 1,100 rental units.

The design, six architecture and landscape design firms, took a year to complete. It features a pedestrian-oasis, with open plazas and curving corridors with patios, seating, retail, and biophilic elements design throughout.   

William Collins, Bindi Shah, Marshall Scallan and Shaun Weinberg of Cushman & Wakefield helped to secure the financing from OZK Bank.

In negotiating the deal, OZK Bank said they "recognized the strength of the sponsorship team, neighborhood, and high-quality and authentic experience that would be possible" at the development at this site, Weinberg said in a statement.

The first phase is due to be complete in early 2025. 


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